Apple (AAPL) Stock Closes 2.66% Lower at $329.40, Losing $333 Support

Apple Sinks 2.66% While Chipmakers Rise

Apple (AAPL) shares slid 2.66% on September 29, closing at $329.40 and giving up the $333 support and resistance zone that had held through the prior sessions. The close left the stock 4.6% below the September 22 all-time high of $345.34. The selling was Apple-specific rather than a sector-wide move: the stock posted the weakest session of any electronic technology name, while chipmakers including Broadcom and Micron finished higher on the same sector heatmap.

On the daily chart, the stock has now printed a double top, with a first peak near $344.57 on July 29 and a second at the record $345.34. The lost $333 zone may act as resistance on any rebound. Price is testing an ascending trendline that held repeatedly through August and September, and that line lines up with the 0.236 Fibonacci retracement at $328. A daily close below it would expose the 0.382 level near $315. Deeper support sits at the 0.618 golden pocket near $300, which also marks the double top neckline, so a break there would confirm the pattern and set a measured move toward $255, roughly 23% below the September 29 close. The relative strength index has dropped to about 50, with lower highs across both peaks. Chart data is visible on the AAPL symbol page.

Ternus Restructuring and Analyst Caution

The pullback landed as a restructuring report raised questions inside the company. An Apple filing calendar aside, the operative news is this: a Bloomberg report states that CEO John Ternus plans to cut middle management and engineering program manager roles, and may also scrap the company's fixed spring and fall launch calendar. Market commentary on the change described it as a step toward a more engineering-led AAPL with faster product cycles. The drop also erased more than half of the gains the stock had made since Ternus succeeded Tim Cook on September 1.

Analyst caution added pressure. Bank of America's Wamsi Mohan flagged Meta's Muse AI agent as a threat, warning that Apple could keep device sales while losing shopping and referral activity; he still rates the stock a Buy. UBS holds a Neutral rating with a $296 target, and valuation is a stated concern, with Apple trading at 37.8 times trailing earnings against a five-year median of 31. Fundamentals still carry the bull case: record June-quarter revenue of $109.4 billion, up 16% year-over-year, with iPhone sales up 22%, and an Evercore ISI survey of nearly 4,000 US consumers pointing to strong iPhone 18 Pro demand ahead of the foldable iPhone Duo shipping in late October. Management did guide gross margin down to 47-48% on rising memory costs, and the company reports earnings on October 29.

$342.47 Resistance Back in View

COINOTAG data shows Apple (AAPL) trading at $337.72, up 1.38% over 24 hours, recovering part of Monday's decline. COINOTAG's composite scoring rates the $330.64 support at 77/100, where the Fibonacci 0.214 level, the Bollinger lower band and a swing low converge, and the nearer $337.31 shelf at 68/100 on the Ichimoku Tenkan and Bollinger middle band. Overhead, $342.47 resistance scores 90/100 on the ATR upper band, a Fibonacci level and the Donchian upper band. The daily RSI reads 58.3, the MACD signal is bearish and the trend is sideways, while stock perpetual open interest stands at $27.3 million. A daily close above $342.47 would confirm the rebound; losing $330.64 would negate it.